Updated from 8:09 a.m. ET, Friday, June 23.
Stock futures were narrowly mixed on Friday, June 23, as crude oil prices levelled off and healthcare took a break from two days of gains.
S&P 500 futures were up 0.05%, Dow Jones Industrial Average futures were down 0.14%, and Nasdaq futures declined 0.03%.
Crude oil prices levelled off below $43 a barrel on Friday, stabilizing after two days of losses followed by a day of gains. A selloff over Tuesday, June 20, and Wednesday, June 21, sent prices to their lowest level in 10 months. Crude oil prices moved into a bear market, after having fallen more than 20% from a late February high. Oil had been lower on worries over global oversupply and ballooning production.
West Texas Intermediate crude was up 0.2% to $42.83 a barrel on Friday morning.
Healthcare stocks were also stable on Friday after two days of gains. The sector had rallied on high hopes that the Senate GOP healthcare bill and relaxed regulations from the Trump White House would benefit drugmakers.
Friday could be one of the heaviest trading days of the year as investors tinker with their portfolios while the Russell indexes undergo reconstitution. An estimated $3.8 trillion in assets track the Russell indices; 43 names will head from the Russell 1000 into the Russell 2000; 31 companies will go the other way. Just within the 2000, there will be 186 additions and 107 deletions. There will also be 10 additions to the 1000. Between $1.5 billion and $1.8 billion are expected to flow into both the energy and tech sectors, while financials should see outflows of more than $2.6 billion.
The economic calendar in the U.S. on Friday includes a flash reading of the PMI Composite for June at 9:45 a.m. ET, new home sales for May at 10 a.m., and the weekly oil rig count from Baker-Hughes at 1 p.m.
In Fedspeak, St. Louis President James Bullard will discuss the U.S. economy and monetary policy at an event in Nashville, Cleveland President Loretta Mester will make the keynote speech at The Policy Summit on Housing, Human Capital and Inequality in Ohio, and Fed Gov. Jerome Powell will address the Federal Reserve Bank of Chicago Symposium.
Finish Line Inc. (FINL) fell nearly 2% in premarket trading after reporting an unexpected decline in same-store sales over its first quarter. Same-store sales over the three-month period dropped by 1.1%, a surprise to analysts expecting an increase of 1.6%. The shoe retailer met profit estimates over its recent quarter, though revenue fell short of consensus.
Bed, Bath & Beyond Inc. (BBBY) - Get Bed Bath & Beyond Inc. Report tumbled 10.6% after missing profit and sales estimates over its recent quarter. Earnings of 53 cents a share weakened from 80 cents a year earlier and missed estimates of 66 cents. Revenue came in flat at $2.74 billion and fell short of $2.79 billion consensus. The homewares retailer said digital sales were strong, though endured in-store sales softness.
BlackBerry Ltd. undefined was lower by 5.9% in premarket trading after a mixed quarter. The tech company swung to a net profit of $1.23 a share from a loss of $1.28 a share in the same quarter a year earlier. Adjusted earnings of 2 cents a share came in better than an expected breakeven result. However, revenue declined to $235 million from $400 million and adjusted revenue missed estimates.
Caterpillar Inc. (CAT) - Get Caterpillar Inc. Report fell 1% on Friday after analysts at Deutsche Bank cut their rating for stock from buy to hold. The broker also cut its price target for the shares, to $106, saying much of the benefit from a nascent recovery in the mining sector has already been priced into the stock.
Synchronoss Technologies Inc. (SNCR) - Get Synchronoss Technologies, Inc. Reportsurged 34% in premarket trading after it received an unsolicited takeover inquiry from private-equity firm Siris Capital Group. Siris said it could offer Synchronoss $18 a share, a 48% premium to its Thursday close. Siris currently holds 12.9% of Synchronoss' shares outstanding.
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